CAD IT acquires 74.5% of the capital of the Spanish company “Desarrollo de Productos Informáticos”

CAD IT, leader in the Italian financial software market, has strengthened its presence on the European market, and more precisely in Spain, thanks to today's acquisition of 74.5% of the capital of Desarrollo de Productos Informáticos S.A. (DPI) (www.dpisa.es).

Founded in 1991, with registered offices in Madrid, DPI is the market leader in Spain for the supply of software solutions to about 60 Financial Company customers.

DPI closed its 2017 financial period with revenues equal to 3.45 million Euros, a net profit of 0.37 million Euros and a Net Financial Position in credit for 1.54 million Euros.

The acquisition of DPI has an impact of about 5.5% on the Group's Production Value.

The cost of acquiring 74.5% of the DPI capital comes to about 3.8 million Euros of which 80% was provided for today while payment for the remaining 20% will be made on 30th April 2020.

In order to meet the investment, CAD IT has made use of specific bank financing for the duration of five years.

With this transaction, CAD IT strengthens its presence in Europe's financial software sector and confirms its high interest in developing on the Spanish market.

This agreement provides CAD IT with significant opportunities for increasing revenues due to:

• DPI's considerable commercial and technical presence in Spain and Andorra;
• DPI's existing customer base;
• DPI product cross-selling opportunities with CAD IT customers;
• reinforcing CAD IT's brand credibility on the Spanish market.

Paolo Dal Cortivo, President and Managing Director of CAD IT, said: “This deal deepens CAD IT Group's penetration in Spain. DPI is a company that particularly stands out for its professionalism, the quality of its products and its market positioning which reflects the philosophy and values of seriousness, reliability and business know-how that CAD IT Group pursues in its corporate strategies."

Alberto Arcones Arias, President and Managing Director of DPI commented: “This alliance with CAD IT is a magnificent opportunity to increase the portfolio of information technology solutions that DPI, together with CAD IT, will be able to offer to the Spanish financial sector. The experience CAD IT has gained in technological innovation and some regulatory topics will add great value to our expansion strategy.”

CAD IT was assisted in this transaction by lawyer José Ruiz-Cámara Bayo from the MPA Legal firm in Madrid with the support of lawyer Nicola Grigoletto from the Lambertini & Associati Legal firm in Verona, and by Carlos Hermoso García and Alberto Iglesias de Don Pedro from PKF Attest in Madrid for due diligence activities.